Posts Tagged ‘BTC exchange rate’

The Bitcoin exchange rate is on the bull run at the moment reaching new high moving past the $850 USD mark and maybe even trying to test $900 USD in the next couple of days. Of course as it usually happens when BTC is on the rise pretty much all other altcoins are going down, so no surprises there either. We are still not as high as the price from a few years ago during the MtGox crisis that has artificially increased the exchange rate of Bitcoin, but still things are looking very positive. At the moment predictions for a price of $1000 USD or more during early 2017 do not seem too pessimistic, even $2000 USD by the end of the next year is not so far fetched anymore.

The Bitcoin exchange rate has jumped significantly going all the way up to $500 USD on many EU and US-based exchanges and skyrocketing even higher on some Asian exchanges. The jump seems to be caused mostly the Chinese BTC markets driving the price up as as the national currency apparently suffers another devaluation and people are moving to investing their money in Bitcoins. The side effect from this jump in BTC exchange rate however is the drop in price for many altcoins that might suffer loosing some of their value, but it might be just temporary. This creates a good opportunity for profiting by doing some arbitrage trading between different exchanges and buying the right altcoins at the right price, it is risky, but might result in a good profit later on. Another thing that might be influencing the recent uptrend in the BTC price on exchanges is the upcoming block reward halving that should hit in about a month and a half around the start on July. So be smart and do trades carefully during this turbulent moment…

After a pretty long period of keeping low prices Bitcoin and Litecoin may have started to finally recover to a higher levels, currently the BTC exchange rate is back to over $300 USD and LTC is above $2 USD. Definitely good news for people with small mining operations or using cloud mining services that were worried about their investments that were at risk with the possibility of contracts getting terminated. A quick look at CEX.IO however shows that cloud mining there is still unprofitable even at the current prices with the automatic settings to turn on cloud mining when it is again profitable. At the same time however we are still seeing a trend for the network difficulty of Bitcoin to go down and for Litecoin to keep at pretty much the same level after getting down significantly lately. With the current prices we are expecting to see some mining operations getting back online after being stopped due to the low exchange rate, especially mining operations that are working on the mine and sell immediately model. We’ll have to wait and see how things will go from here on…

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